Comments

The sentence is correct but sounds a bit funny. When using either/or with two subjects, the verb should agree in number and form with the subject closer to "or". (In this case it is "I", therefore "am" is correct).
The following sentence would not sound as odd (but may not match the other sentences)
"Either he or I will attend the meeting"
(I would welcome other English speakers' input.)

It's correct, but I would avoid using this kind of sentence myself.
Instead, I'd either use what patgfisher suggested ("Either he or I will attend the meeting") or I'd say [#3238349] "One of us will attend the meeting" assuming the listener knew who "he" was, or I'd mention him by name, [#3238350] "Either Tom or I will attend the meeting."

By current Tatoeba Project guidelines, we shouldn't change this. However, I wouldn't want to adopt it or tag it OK.